O7540 Justice

No charges, but watchdog takes civil action after LM property collapse

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Original article by Ben Butler, Roseanne Barrett
The Australian – Page: 19 : 21-Nov-14

The Australian Securities & Investments Commission (ASIC) is bringing a civil action against real estate investor Peter Drake, but it will not pursue criminal charges. His LM fund management firm raised $A800m-plus from small retail shareholders before failing in 2013. The watchdog alleges that Drake channelled $A26m to personal spending, and that director’s duties were breached in approving the loans by LM’s Francene Mulder, Eghard van der Hoven, Simon Jeremy Tickner and Lisa Maree Darcy

CORPORATES
LM INVESTMENT MANAGEMENT LIMITED, LM ADMINISTRATION PTY LTD, LM MANAGED PERFORMANCE FUND, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MADDISON ESTATE PTY LTD, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. DIRECTOR OF PUBLIC PROSECUTIONS, ERNST AND YOUNG

Police destroyed cold case evidence

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Original article by Tammy Mills
The Age – Page: 2 : 21-Nov-14

Victoria Police Detective Senior Sergeant Ron Iddles has told the Shepparton Magistrates Court that crucial forensic evidence had been destroyed. The court is hearing the "cold case" matter of local teenager Michelle Buckingham’s murder three decades ago. It has emerged that in 1994, a decision was made by police to transfer evidence to a new storage facility and to dispose of material relating to as many as 40 "cold case" investigations

CORPORATES
VICTORIA POLICE, SHEPPARTON MAGISTRATES’ COURT

Gay MP stands up for marriage equality

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Original article by Nicole Hasham
The Sydney Morning Herald – Page: 9 : 21-Nov-14

Liberal Party of New South Wales MP Don Harwin spoke in favour of marriage equality for gay people in 2010, during debate on the Relationships Register Bill. Harwin, who is the president of the state’s upper house, disclosed his homosexuality in Parliament on 20 November 2014. He later said that he had urged the legalisation of gay marriage in a submission to a Senate inquiry, arguing banning gay couples from marrying is discrimination

CORPORATES
LIBERAL PARTY OF NEW SOUTH WALES, AUSTRALIAN LABOR PARTY

Obeid to be charged with corruption

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Original article by Geoff Winestock
The Australian Financial Review – Page: 5 : 21-Nov-14

The New South Wales (NSW) Director of Public Prosecutions has brought charges against ex-minister and Australian Labor Party identity Eddie Obeid, as recommended by the Independent Commission Against Corruption (ICAC). It found he had exerted undue influence on party colleagues Eric Roozendaal, Carl Scully and Joe Tripodi as well as the Maritime Authority of NSW’s Stephen Dunn, to secure licenses for restaurants at Circular Quay in Sydney. ICAC has also gained corruption charges against ex-Labor minister Ian Macdonald, though not Obeid, in the case involving the granting of coal mining permits

CORPORATES
NEW SOUTH WALES. INDEPENDENT COMMISSION AGAINST CORRUPTION, NEW SOUTH WALES. DIRECTOR OF PUBLIC PROSECUTIONS, NSW MARITIME, CIRCULAR QUAY RESTAURANTS PTY LTD, DOYLES CREEK MINING PTY LTD, AUSTRALIAN LABOR PARTY, LOCAL COURT OF NEW SOUTH WALES, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, COURT OF APPEAL (NEW SOUTH WALES)

‘Give killers a strong message’

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Original article by Amanda Banks
The West Australian – Page: 11 : 20-Nov-14

Teenager Quinn De Campe was assaulted and killed in Balga, Western Australia, on 22 December 2013. The prosecutor told a Children’s Court judge on 19 November 2014 that a strong message must be sent to young people that violence will not be tolerated, after three teenagers pleaded guilty to charges of manslaughter

CORPORATES
CHILDREN’S COURT OF WESTERN AUSTRALIA

Universities pledge to pursue evidence of MyMaster cheating

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Original article by Darren Gray
The Sydney Morning Herald – Page: 3 : 20-Nov-14

Essay-selling web site MyMaster is believed to have been paid more than $A160,000 by students who bought assignments for university courses. The University of Newcastle and the University of Wollongong are investigating whether any of their students used the service. Other New South Wales universities are taking similar steps

CORPORATES
UNIVERSITY OF WOLLONGONG, UNIVERSITY OF TECHNOLOGY, SYDNEY, UNIVERSITY OF NEWCASTLE, AUSTRALIA. TERTIARY EDUCATION QUALITY AND STANDARDS AGENCY, UNIVERSITY OF NEW SOUTH WALES, MACQUARIE UNIVERSITY, FAIRFAX MEDIA LIMITED – ASX FXJ

Traders benched in rates fix probe

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Original article by Richard Gluyas
The Australian – Page: 1 : 20-Nov-14

The Australian Securities & Investments Commission (ASIC) is continuing its investigation of banks and investment banks that allegedly colluded to manipulate the bank bill swap rate via the Australian Financial Markets Association. BNP Paribas, UBS and Royal Bank of Scotland have already incurred penalties, and ANZ Banking has now stood aside seven market trading staff on full pay due to the ASIC inquiry. ANZ chief risk officer Nigel Williams says the bank is co-operating fully with the watchdog

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN FINANCIAL MARKETS ASSOCIATION INCORPORATED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, UBS AG, ROYAL BANK OF SCOTLAND GROUP PLC, BNP PARIBAS SA

Roy Hill the target as Rinehart kids chase Gina’s assets

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Original article by Leo Shanahan, Andrew Burrell
The Australian – Page: 8 : 20-Nov-14

The private Hancock Prospecting vehicle of mining heiress Gina Rinehart owns 70% of the major Roy Hill iron ore project in Western Australia. It has become the subject of the latest court action against Rinehart by her two oldest children, after a previous case relating to her role as trustee of the $A4bn billion Hope Margaret Hancock Trust. Following the lifting of a suppression order by Federal Court judge Peter Jacobson, it has emerged that John Hancock and Bianca Rinehart now dispute their mother’s ownership of the Hope Downs, Mulga Downs and Roy Hill tenements

CORPORATES
HANCOCK PROSPECTING PTY LTD, ROY HILL IRON ORE PTY LTD, MULGA DOWNS IRON ORE PTY LTD, HOPE DOWNS IRON ORE PTY LTD, HOPE MARGARET HANCOCK TRUST, FEDERAL COURT OF AUSTRALIA, THE HANCOCK FAMILY MEMORIAL FOUNDATION LIMITED, HANCOCK RESOURCES LIMITED, SUPREME COURT OF NEW SOUTH WALES, MARUBENI CORPORATION, CHINA STEEL CORPORATION, POSCO

Nexus investors lash ASIC inaction

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Original article by Leo Shanahan
The Australian – Page: 23 : 20-Nov-14

Piper Alderman lawyer Amanda Banton, who represents investors in Nexus Energy opposed to its acquisition by Seven Group Holdings, has criticised the Australian Securities & Investments Commission. The watchdog has taken no action after Seven made a low offer of $A0.02 and then moved to buy the collapsed Nexus following the rejection by stockholders of the original bid. A major issue is the dual role of Don Voelte as Seven CEO and Nexus chair

CORPORATES
SEVEN GROUP HOLDINGS LIMITED – ASX SVW, NEXUS ENERGY LIMITED – ASX NXS, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, PIPER ALDERMAN, AZURE CAPITAL PTY LTD, LIBERAL PARTY OF AUSTRALIA, SUPREME COURT OF NEW SOUTH WALES

Big retailers warn of chill to competition

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Original article by Katie Walsh
The Australian Financial Review – Page: 4 : 19-Nov-14

An Australian National Retailers Association (ANRA) submission to the Harper review of competition law has expressed concern about the proposed "effects test". It warns that this would adversely affect competition and would have no long-term benefit for consumers. The ANRA has supported some of the other recommendations of the review, while small retailers say the proposal to deregulate trading hours will ultimately increase the dominance of retail giants Coles and Woolworths

CORPORATES
AUSTRALIAN NATIONAL RETAILERS ASSOCIATION LIMITED, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, WOOLWORTHS LIMITED – ASX WOW, WESFARMERS BUNNINGS LIMITED, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, INDEPENDENT GROCERS OF AUSTRALIA, AUSTRALIAN CONSUMERS’ ASSOCIATION, AUSTRALIAN TAXI INDUSTRY ASSOCIATION